O
n Monday Mexico’s state oil company Pemex reported a $6.05 billion fourth-quarter net loss. Higher taxes and currency exchange losses drove the fourth quarter loss.
A year ago, Pemex turned a profit of nearly $5 billion.
The firm is set to require larger cash infusions from the Mexican government.
Pemex’s 2021 output rose almost 3% in 2021 versus the previous year.
In January of 2022 Pemex took complete ownership of the 340,000 bpd Deer Park refinery.
Source: Reuters.com, “Mexico’s Pemex posts $6 bln Q4 loss versus year-ago profit,” by Adriana Barrera and Ana Isabel Martinez, February 28, 2022